||In the late 1990s, the nascent SAR (Special Administrative Region) state had put forward a new developmental program to turn Hong Kong into a global high-tech city. Various programs such as Cyberport, Innovation Technology Fund (ITF), and Applied Science and Technology Research Institute Inc (ASTRI) have been set up. Focusing on the Cyberport, this paper will examine the conditions that led to the formulation of the Cyberport project and the constraints that it faced. By 2003, although not formally giving up the hightech strategy, the SAR state has quietly shifted its focus to develop logistics, finance, tourism, and cross-border links, and its aim is to transform Hong Kong into a Pearl River Delta hub. The aim of the paper is to examine the rise and the demise of the Cyberport project as well as what should Hong Kong do in order to transform itself as a contender for high-tech development.